On a $10,000 deposit, it's the difference between earning about $200 in annual interest vs. $6 on regular checking.

"For account holders who can routinely meet the monthly requirements, high-yield checking accounts are a no-brainer cash investment," said Greg McBride, senior financial analyst for Bankrate.com, based in North Palm Beach, Fla.

High-yield accounts require customers to perform certain banking activities to earn the high return. Typically that means making a certain number of debit card transactions each month (most commonly 10) and using direct deposit and/or automated bill payments.

If customers don't meet the requirements, the yield drops to a low default rate, which averaged 0.08 percent in the Bankrate.com survey.

The accounts also typically limit the amount of money that can earn the above-market rates. The most common balance cap in the survey was $25,000. Some of the highest-yielding accounts had caps of $15,000 or less.

"Investors should calibrate the balance they plan to hold in the account with an [annual yield] offering that maximizes their return," Mr. McBride said.

Bankrate.com reviewed 57 high-yield checking accounts offered by banks and credit unions nationwide. Twenty-three of the accounts, or 40 percent, could be opened online or by telephone from anywhere in the country.